All Forum Posts by: Belinda B.

Hi,

I have made the difficult decisions to sell the family farm I inherited almost 3 years ago. I asked for recommendations and have been speaking with a Realtor that specializes in these types of properties. I am nearly ready to hire him, but I am not sure about how to handle the 2 people longtime business associates of my family and actual distant family that have always said "if you ever want to sell the farm let us know".

It is hard to put an exact sales price. I am sure these folks would expect a direct sell without the Realtor, but I want to get a fair market price too. I also realize Realtor won't want to work and then have it sold around him. He mentioned a "lowered commission for certain named buyers and doing the negotiations". I think these "friends" would expect to talk to me directly not the Realtor. Realtor has buyers looking to buy a similar size piece as well.

I live several hours drive away from the property. It is a large parcel.

Thanks in advance for your help.

Hi, Quick follow-up from the original poster. Thanks for all the advise and suggestions. I decided to wait awhile for a prospect I felt better about and within a week my PM brought me a married professional young couple with a 750 credit score, great references, and high income (over $4000/month).
His job is outdoor related and they like the outdoors so they are very happy with my farmhouse. They want to keep 2 chickens outdoors for eggs. I realize for 99% of landlords this would be a problem, but this house is nearly a quarter mile from any neighbor and comes with 3 sheds. So I am fine with that.
We accepted their application, and I have my fingers crossed that nothing happens and they have a smooth move in a couple of weeks.

Well obviously everyone agrees not the pet lady.
In answer to some of the questions it is a farmhouse and the house rental includes 2 sheds, and sits way off the road in the middle of a pasture so it's not really totally crazy.

Andrea, I only asked about one other rental because I had heard someone else was applying. He did not have sufficient income and history was very iffy. Other applicant did not met PM minimum standards and I didn't ask the specifics.

I can afford to wait so my choice is really nurse with bad credit or wait for a potentially better renter. I don't rent as a business the way most of you do. I rent to keep the place maintained, cover expenses and buy myself time to decide what to do with the inherited family farm.

Hi,
I rent a house I inherited from my mother not located where I live. I have a property management company manage it. We just replaced all flooring and did landscaping. Within 2 weeks of being available PM tells me they have 4 applications. 2 he rejected. The other 2 are both single moms.
One has 9 pets (4 dogs, 5 cats) and the PM does not recommend bringing that many animals onto the new flooring.
The 2nd has lousy credit (443 score). Supposedly it's from a divorce in 2010. Current landlord (of 6 years) told my PM she is on time and no problem. The late payments are late car payments from 2010 and she is current with the car payments now. She has medical debt but is current.
She earns $50,000 and is a nurse. House will rent for $750/month
PM thinks she would be okay, but is leaving it up to me. He suggested increasing the security payment since her credit is low. Alternatively he said we could continue to show property and wait for an applicant we feel better about.
When we initially tried to rent the house last summer it took a couple of months and we got a bad tenant. He got his son a pit bull for Christmas which is why he had to move. I am afraid of making a mistake again.
So landlord gurus what would you do?

Thanks. Sounds like my best bet is to wait until the pasture lease is closer to renewal and then see what I can do to find another renter. I think it would take a lot to convert the land to crop farming and I am not sure it is suited anyway.
Good suggestions of ways to look for a renter. Thank you.

I didn't set out to become a landlord but am now renting two houses. It's the 2nd that's giving me trouble. I inherited the family farm. We live over 3 hours away. The farmhouse is 3 bdr/1 1/2 bath and sits way off the road (driveway is 2/10 mile long).
I rented the farmhouse with a local property management company for 675/month. Renter has been there since Sept. An insurance agent coming to inspect the property found renters with a pit bull. No landlord insurance for me now. They wrote a "fire policy" from the state operated pool instead. No liability and it's more expensive. Dogs were [b]not [b] allowed on the lease.
PM has talked to the renter. Renter wanted to move out instead of getting rid of the dog. He is moving April 30.
I want to update the place some so we can maybe get a better class of renter. PM was not for this before last renter, but now agrees that we should do a little. Maybe flooring. Any advice? House was built in 1960. It's has a stone exterior. Solid, my mom just didn't like to redecorate.
Also the pasture surrounded the house is rented separately to a local cattle farmer. He rented long before I inherited. His lease is annually renewed in Feb. He is over 80 years old and not doing a great job. I am wondering if it might be possible to rent house and land together.
PM says they often have interest from folks who want extra land and rent smaller properties, but have never dealt with this much (It's around 90 acres of pasture). Altogether there is a barn and 7 outbuildings. The annual pasture lease is $2250 so less than $200 additional house rent per month would earn as much as the pasture does now.
However the deal with the pasture lease is the renter maintains the fences and grass (mowing hay, repairs etc.) It's pretty important that this is done.
Any ideas if together is better than separate? Any ideas about how to find someone to lease pasture.